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This Form does not require borrowers to show the calculations used to determine their loan forgiveness amount. The PPP Flexibility Act extended the covered period from 8 weeks to 24 weeks from the date of disbursement of your PPP loan, but in no event ending later than December 31, 2020. Borrowers who can document that 100% of their PPP loan amount for which they seek forgiveness was spent on eligible payroll costs do not need to detail or otherwise provide documentation of nonpayroll costs. Calculate Your Disability Insurance Needs. ... PPP Forgiveness UPDATE. For example, if you are only seeking forgiveness of payroll costs, you are not required to provide documentation of nonpayroll costs (though you may elect to do so if you choose). document.write(theYear) The Carver Legacy Center is a Black-led Financial Collaborative Center located in North Omaha at the historic corner of 24th & Lake. Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees, Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period, Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941), State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, Payment receipts, canceled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount, Business mortgage interest payments: copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the covered period; or lender account statements from February 2020 and the months of the covered period through one month after the end of the covered period verifying interest amounts and eligible payments, Business rent or lease payments: copy of current lease agreement and receipts or canceled checks verifying eligible payments from the covered period; or lessor account statements from February 2020 and from the covered period through one month after the end of the covered period verifying eligible payments, Business utility payments: copy of invoices from February 2020 and those paid during the covered period and receipts, canceled checks, or account statements verifying those eligible payments, Documentation showing the average number of FTE employees on payroll per week employed by the borrower between February 15, 2019 and June 30, 2019, Documentation showing the average number of FTE employees on payroll per week employed by the Borrower between January 1, 2020 and February 29, 2020, In the case of a seasonal employer, documentation showing the average number of FTE employees on payroll per week employed by the borrower between February 15, 2019 and June 30, 2019; between January 1, 2020 and February 29, 2020; or any consecutive 12-week period between May 1, 2019 and September 15, 2019, SBA Loan Number – Found in the “Account No.’” box on your PPP Promissory note, ANB Bank Loan – Found in the “Loan No.” box on your PPP Promissory note, Note Date – Found in the “Loan Date” box on your PPP Promissory note, Salary, wages, commissions, or similar compensation, Cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips, Payment for vacation, parental, family, medical or sick leave, Payment for the provision of employee benefits consisting of group healthcare coverage (including insurance premiums) and retirement, Payment of state and local taxes assessed on compensation of employees, For an independent contractor or sole proprietor, wages, commissions, income, or net earnings from self-employment, or similar compensation, Any compensation of an employee whose principal place of residence is outside of the United States, Compensation of an individual employee in excess of an annual salary of $100,000, prorated as necessary, Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee's and employer's share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees, Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Pub. However, these borrowers have the option to detail and provide documentation of nonpayroll costs if they so choose. Middlefield Bank’s PPP Loan Forgiveness will continue with our staggered rollout. The inclusion of a link does not imply or constitute an endorsement by ANB Bank, its ownership or management, the products or services it offers, or any advertisers or sponsors appearing on the linked site. For example, if you are using a 24-week covered period but have spent all loan proceeds on eligible purposes within 16 weeks (with at least 60% spent on eligible payroll costs and not more than 40% spent on eligible nonpayroll costs), you may submit a loan forgiveness application. Visit us today! The inclusion of a link does not imply or constitute an endorsement by ANB Bank, its ownership or management, the products or services it offers, or any advertisers or sponsors appearing on the linked site. CARVER FINANCIAL INNOVATION CENTER Helping all of our communities thrive. 1010027912 - License No. The bank made 1,000 PPP loans, saving more than 10,000 jobs, but another shutdown could imperil those businesses. NMLS #644528, Amarillo National Bank announces plans to offer a 3rd round of PPP loans. Thank you for banking with us. New funding expands loans to hardest-hit small businesses and others LUBBOCK – December 28, 2020 – Lubbock National Bank announced it will be ready to offer Paycheck Protection Program (PPP) loans … Added “Second-Draw” loan for existing PPP borrowers, who will be eligible if they have 1) used all of their first PPP loan (or will have used by the time of disbursement of the second loan); 2) have no more than 300 employees; and 3) can demonstrate a year-over-year quarterly Gross Sales/Revenue reduction of … Do I need to include information about nonpayroll costs when eligible payroll costs during the covered period are more than the PPP loan amount? What You Need to Know After Applying for Loan Forgiveness. Contact your lender at ANB, or call our main number at (806) 378-8000 or 1-800-ANB-FREE (1-800-262-3733). As always, you can find our expert analysis and strategies for navigating market tensions in our daily market briefs . (It is the Government, after all), SBA Payroll Protection Program Forgiveness, Farm & Ranch Real Estate Property Management, Personal Trust & Estate Administration Services, Payroll Costs (At least 60% of the PPP loan must be used on these costs), Interest payments on any other debt obligations incurred before 2/15/2020, -Tax Documents or Quarterly Financial Statements, See “Businesses” above, includes Form 1065 K-1s, See “Businesses” above, includes Form 1040, Schedule F, Form 1040 Schedule C & Form 1099-MISC (if applicable), Applicants who did not receive a PPP loan in the first round and those that did are both eligible, Applicants must use all PPP funds from the 1st PPP loan and have submitted their forgiveness application prior to the disbursement of a 2nd draw PPP loan, 2nd draw applicants must have no more than 300 employees (500 for 1st draw applicants), Revenue reduction by 25% or greater in 2020 relative to 2019, Existing business or temporarily suspended, 2.5 months of average monthly payroll costs, Exclude any employee compensation over $100,000 on an annualized basis, 1st draw applicants can include any EIDL made between January 31, 2020 and April 3, 2020, 2nd draw applicant maximum loan amount is $2 million ($10 million for 1st draw applicants), Average monthly payroll costs may be based on 2020 or 2019, Seasonal – payroll costs incurred or paid for any 12-week period between 2/15/2019 and 2/15/2020, Submit the Loan Forgiveness Form along with all supporting documentation. BLAIR INVESTMENTS, INC., located in CASPER, WY has a $150000 - $350000 PPP loan from ANB Bank and retained 27 jobs. Which loan forgiveness application form will I use - Form 3508, Form 3508EZ, or 3508S? No. Can I return any unused portion of my PPP loan? But whether PPP did its job will become evident only as businesses gain forgiveness, pay back the loan or call it quits. An email to Mountain States Rosen’s general inbox bounced. ANB Holdings Inc in Anchorage, AK received a Paycheck Protection Loan of $47,404 through NORTHRIM BANK, which was approved in April, 2020. Visit us today! It’s made a tremendous difference in my life and I’m eternally grateful. Learn More Easy, Fast, Local. Denver-based ANB Bank administered 345 PPP loans for $65 million in the Denver area and a total of 1,641 PPP loans for $246.7 million throughout the country. This summary reflects our current understanding of the latest PPP legislation and official guidance. What do I put on the "EIDL Advance Amount" and "EIDL Application Number" fields of the SBA Forgiveness Application? The SBA has not provided guidance for Borrowers that have an EIDL Advance that already received forgiveness. What You Need to Know About the Loan Forgiveness Application. Anheuser-Busch InBev Agrees to Issue a Minority Stake in its US-based Metal Container Plants to Apollo-led Consortium. Use the Checklist for Using SBA Form 3508EZ to determine if you are eligible to use the EZ form. Based on standard PPP eligibility rules, MADIGAN AND COMPANY LLC's total 2019 payroll expenses were approximately $699,648 in order to qualify for the PPP loan amount received. Return to login PPP Forgiveness UPDATE. AMARILLO, Texas (KAMR/KCIT) – Amarillo National Bank announced today that it is ready to offer a 3rd round of Paycheck Protection Program (PPP) loans. ANB 623, LLC is in the Full-Service Restaurants industry, has a $150,000 - $350,000 PPP loan from Northeast Bank, and has potentially retained 18 jobs. SBA’s Economic Injury Disaster Loan (EIDL) Advance provided emergency economic relief to American small businesses, non-profits, and agricultural enterprises facing economic disruption due to the COVID-19 impact. Forgot your username/password? Amarillo National Bank announced it will be ready to offer Paycheck Protection Program (PPP) loans as soon as the Treasury and the SBA release new guidance on … Whether you're looking for a personal or business account, you won't have to go far! This information is provided by the U.S. Treasury. ANB. You can find up-to-date information on the rules of the program on the SBA's website. Nonpayroll costs must be paid or incurred during the Covered Period to be eligible for loan forgiveness. 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